Abu Dhabi’s Alpha Dhabi Holding's Q1 2023 net profit more than doubled to 7.3 billion dirhams ($1.9 billion) and the conglomerate said it is eyeing more investment and acquisitions.  

The net profit for the period includes a fair value gain as a result of the derecognition of Pure Health Holding LLC, the company said in a regulatory filing on the Abu Dhabi Securities Exchange on Friday.

Revenues rose 58% year-on-year (YoY) to AED12.8 billion with contributions from the existing real estate and industrial portfolio.

The group, which operates in sectors including construction, hospitality and healthcare, has a strong cash position of AED 16.6 billion to drive growth and expansion, the company said.  

CEO Hamad Al Ameri said: "Looking ahead we will continue to develop our core verticals both organically and through additional investment and acquisition. We continue to deploy capital effectively in value-accretive opportunities that support the market leadership of our portfolio companies.”

Early this year Alpha Dhabi, in which International Holding Co. has a 44% stake, formed a joint venture with the emirate's sovereign wealth fund, Mubadala Investment Co., to co-invest in private credit opportunities.

(Reporting by Brinda Darasha; editing by Seban Scaria)